Unit 1 Test

What is a business?

• An organization that provides products and services to make money.

• A place where people go to work.

• A type of school for entrepreneurs.

• A government agency.

What is one of the differences between employees and entrepreneurs mentioned in the text?

• The amount of work they do

• The reward they get from their work

• The number of hours they work

• The type of education they need

What does the presentation suggest about starting a new business?

• It is easy and risk-free

• It involves risk

• It guarantees success

• It requires no investment

What is the source of the statistics provided about small businesses?

• U.S. Census Bureau

• Small Business Administration

• Department of Labor

• Federal Reserve

Which of the following is a financial reward of being an entrepreneur?

• Fixed income

• Creating greater wealth

• Limited earning potential

• No financial risk

What do entrepreneurs tend to have?

• Negative attitudes and poor work ethics.

• Positive attitudes and work ethics.

• Neutral attitudes and no work ethics.

• Negative attitudes and strong work ethics.

What is professionalism?

• A way of viewing or thinking about something.

• The ability to show respect to everyone around you while you perform your responsibilities as best you can.

• A type of attitude.

• A method of thinking about work.

Which of the following best defines a 'Company'?

• A group of students

• A business entity formed by a group of people

• A type of business document

• A government organization

What is one advantage of owning a small business?

• Guaranteed profits

• Complete control over decisions

• No competition

• Fixed working hours

Which of the following is a non-financial reward of being an entrepreneur?

• High salary

• Job security

• Personal satisfaction

• Fixed working hours